ATLANTA, TEXAS — Marcus & Millichap has arranged the sale of Best Western Pineywoods Inn, a 42-room hospitality property located in Atlanta, 25 miles south of Texarkana. Skyler Cooper, Chris Gomes and Allan Miller of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Gomes, Miller and Cooper also procured the buyer, a private investor. Best Western Pineywoods Inn is located at 306 US Highway 59 Loop. Constructed in 2001, the two-story hotel is located in the Pineywoods region of northeast Texas. The property features an outdoor swimming pool, business center, breakfast area and meeting space.
NEW YORK CITY — An affiliate of Silver Star Motors has topped out the construction of a mixed-use building located at 37-14 36th St. in Queens’ Long Island City. Designed by Montroy Andersen DeMarco, the 10-story, 135,000-square-foot building will feature a Silver Star Mercedes-Benz dealership on the first two floors and 85 apartments on the upper floors. The apartments will be a mix of 30 studios, 27 one-bedroom units, 28 two-bedroom units and two three-bedroom units. Occupancy is expected in summer 2017. The project team includes 1 Oak Contracting, MNS Real Estate, Fogarty Finger Architecture, Dealer Solutions and Design, Gilsanz Murray Steficek, Lilker Engineering, GZA GeoEnvironmental, DeRosier Engineering and Sage Security.
HARRISON, N.J. — Russo Development has received $73 million in financing for Vermella Harrison, a Class A mid-rise multifamily community located at 1100 Frank E. Rodgers Blvd. South in Harrison. HFF arranged the 10-year, fixed-rate loan through John Hancock Real Estate Finance Group for the borrower. Situated on three acres, the transit-oriented property is 800 feet from the Harrison PATH station and features 120 studio units, 260 one-bedroom and 18 two-bedroom units averaging 717 square feet. On-site amenities include a 3,500-square-foot fitness center with yoga studio; an outdoor heated swimming pool; bocce ball court; putting green; rooftop dog run; rooftop terrace with pergolas; fireplace and grilling stations; large courtyards; concierge service; and personal storage lockers on each floor. Thomas Didio of HFF led the HFF debt placement team that secured the financing.
NEW YORK CITY — Thor Equities has acquired a retail co-op located at 125 Greene St. in Soho for $12.6 million. Featuring more than 3,400 square feet of space, the property is occupied by Kisan, a French fashion boutique. The name of the seller was not released.
EAST RUTHERFORD, N.J. — Silbert Realty & Management Co. (SRM) has arranged the sale of a development site located at 401 Central Ave. in East Rutherford. A New Jersey-based real estate development group acquired the proposed 90,000-square-foot industrial/flex/office site from an undisclosed seller for an unreleased price. Situated on approximately 5 acres, the property is zoned for industrial and served by city utilities. The existing 137,000-square-foot structure features 26,000 square feet of office space, overhead doors and tail board loading. Wayne Kasbar of SRM represented both the seller and buyer in the transaction.
NEW CASTLE, DEL. — Harvey, Hanna & Associates (HHA) has added Quebec, Canada-based Anchor Plastics Ltd. to Twin Spans Business Park in New Castle. Anchor Plastics recently opened its latest North American facility by leasing 20,500 square feet of warehouse and office space at 500 Ships Landing Way in Twins Spans Business Park. Anchor Plastics is a manufacturer of plastic containers and customizable products for commercial customers. Situated on 135 acres, Twin Spans Business Park features 1.85 million square feet of Class A commercial warehouse space along the Delaware River. Jamie Vari of JLL represented Anchor Plastics in the lease transaction. HHA owns and manages the business park.
BOULDER, COLO. — Summit Hotel Properties has purchased the 157-room Marriott hotel in Boulder for $61.4 million. The hotel is located at 2660 Canyon Blvd. The Marriott is situated within walking distance of the University of Colorado, Folsom Field and Pearl Street Mall. Notable employers in the area include IBM, Google, NCAR, Qualcomm and Covidien. The hotel has achieved a revenue per available room (RevPAR) of $167 a night over the past 12 months. This represents a 51 percent premium over the Summit’s pro forma RevPAR for its portfolio.
SANTA ANA, CALIF. — Meridian Capital Group has arranged $74.7 million in acquisition and recapitalization financing for the 349-unit Adagio at South Coast in Santa Ana. The community is located at 3124 S. Main St. The acquisition loan features four years of interest-only payments during the initial term, followed by an extension option. Meridian’s Seth Grossman and Sarah Kuebler negotiated the transaction on behalf of Decron Properties. A balance-sheet lender provided the capital.
IRVINE, CALIF. — Karma Automotive has leased a 262,000-square-foot manufacturing facility in Irvine. The facility is being developed at 9950 Jeronimo Road on the site of the former Kawasaki USA headquarters. Karma will relocate from nearby Costa Mesa. Bixby Land Company acquired the space from Kawasaki in 2015 for $44.2 million. It has since been rebranded as creative work environment Habitat. Karma Automotive is owned by Wanxiang Group, which purchased Fisker Automotive’s assets in 2014. Karma recently announced its distribution strategy for the new Revero automobile, which includes an Orange County Brand Experience Center that will be housed at this new location. Kevin Leonard and George Okita of California Commercial Real Estate Services represented the automotive company. CBRE’s Gregg Haly and Jeff Carr represented Bixby in this lease transaction.
BEND, ORE. — A private investor from Louisiana has acquired the 168-unit Sienna Pointe apartment community in Bend for $23.7 million. The community is located at 1855 NE Lotus Drive. It was built in phases between 1990 and 1993. Cody Hagerman, Greg Frick, Rob Marton and Tyler Johnson of HFO Investment Real Estate represented the seller, Oregon Pacific, in this transaction.